Research Update: ArcelorMittal 'BBB+' Ratings Placed On CreditWatch Negative On Weak Operating Results
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1 April 29, 2009 Research Update: ArcelorMittal 'BBB+' Ratings Placed On CreditWatch Negative On Weak Operating Results Primary Credit Analyst: Alex Herbert, London (44) Secondary Credit Analyst: Andrey Nikolaev, CFA, Moscow (7) Table Of Contents Rationale CreditWatch Ratings List 1 Standard & Poor's. All rights reserved. No reprint or dissemination without S&P's permission. See Terms of Use/Disclaimer on the last page
2 Research Update: ArcelorMittal 'BBB+' Ratings Placed On CreditWatch Negative On Weak Operating Results Rationale On April 29, 2009, Standard & Poor's Ratings Services placed on CreditWatch with negative implications its 'BBB+' long-term corporate credit and debt ratings on Luxembourg-registered steel group ArcelorMittal and subsidiaries. At the same time, the 'BBB+' long-term and 'A-2' short-term corporate credit ratings, and debt ratings, on finance subsidiary ArcelorMittal Finance were also placed on CreditWatch with negative implications. In addition, Standard & Poor's assigned its 'BBB+' senior unsecured debt rating to the 1.25 billion 7.25% convertible bond due April 1, 2014, issued by ArcelorMittal, and placed it on CreditWatch with negative implications. The CreditWatch placement follows the publication by ArcelorMittal of extremely weak operating results for the three months to March 31, We have heightened concerns that the group will be unable to maintain credit metrics that are consistent with the 'BBB+' rating. These metrics include a ratio of funds from operations (FFO) to adjusted debt of about 35%. This rating action is despite the implementation of corrective actions by the group to adjust its business strategy and protect its financial profile. As with peers, ArcelorMittal is experiencing a broad and severe weakening of its operating performance, caused by very difficult market conditions in the steel sector. This is evident in sharply reduced capacity utilization, shipments, and steel prices. Such conditions appear likely to continue, in our view. In the three months to March 31, 2009, ArcelorMittal's EBITDA (before exceptional items) is reported at $883 million. This is a substantial 69% reduction compared with the fourth quarter of 2008, and an 82% fall compared with first quarter last year. FFO was negative by about $1.2 billion in the three months to March 31, 2009, compared with positive $3.2 billion a year earlier. We estimate adjusted debt over the period to be stable at about $35.0 billion (a figure that includes about $6.6 billion of pension and other postretirement obligations). We also estimate the ratio of last-12-months FFO to adjusted debt to be approximately 50% as at March 31, 2009, compared with about 62% at Dec. 31, In our opinion, ArcelorMittal will likely report a materially weaker operating performance in 2009, compared with A combination of much lower cash flow generation and substantial adjusted debt will in our view pressure credit quality. We also anticipate much reduced headroom under the group's 3.5x net debt to EBITDA financial covenant (as defined), which is tested half-yearly. As a consequence, we need to further evaluate the likely effects on ArcelorMittal's operating performance and credit metrics caused by the sharp Standard & Poor s RatingsDirect April 29,
3 Research Update: ArcelorMittal 'BBB+' Ratings Placed On CreditWatch Negative On Weak Operating Results downturn in global economic conditions across the steel sector. At the same time, we will assess the scale and timing of the group's announced corrective measures. Liquidity In our view, ArcelorMittal has adequate liquidity. On March 31, 2009, the company had substantial short-term debt of $7.6 billion (including $2.2 billion of commercial paper). This was covered by retained cash of $4.0 billion, and undrawn committed bank lines of about $7.6 billion. As at March 31, 2009, ArcelorMittal lowered its high debt maturities of $8.1 billion due in 2010 to about $5.4 billion. The group secured agreement with banks to extend the maturity date of about $2.8 billion of drawn bank facilities expiring to 2012 from A further $3.5 billion of undrawn bank lines have also been extended to 2012 from Since the balance sheet date, the group has issued a new $1.6 billion ( 1.25 billion) convertible bond due 2014, which was used to reduce drawn bank debt due in Liquidity and deleveraging efforts are also supported by the issuance of up to $3.0 billion of new equity and convertible senior notes, announced by the company today. CreditWatch Standard & Poor's aims to review the CreditWatch placement within the next two months, after further discussions with management. As part of the review, we will assess ArcelorMittal's business plans, including the scale and timing of likely corrective actions by management to adjust the group's business strategy and to protect its financial profile. We will also assess ArcelorMittal's prevailing credit metrics and business prospects. We would likely limit any downgrade of the long-term rating to one notch. Ratings List CreditWatch/Outlook Action To From ArcelorMittal Mittal Steel USA Inc. Ispat Inland L.P. Dofasco Inc. Usinor S.A. Corporate Credit Rating BBB+/Watch Neg/-- BBB+/Negative/-- ArcelorMittal Finance Corporate Credit Rating BBB+/Watch Neg/A-2 BBB+/Negative/A-2 Commercial Paper A-2/Watch Neg A-2 NB: This list does not include all ratings affected. 3
4 Research Update: ArcelorMittal 'BBB+' Ratings Placed On CreditWatch Negative On Weak Operating Results Additional Contact: Industrial Ratings Ratings information is available to RatingsDirect subscribers at It can also be found on Standard & Poor's public Web site at select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow (7) Standard & Poor s RatingsDirect April 29,
5 Copyright 2009, Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P). S&P and/or its third party licensors have exclusive proprietary rights in the data or information provided herein. This data/information may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. Dissemination, distribution or reproduction of this data/information in any form is strictly prohibited except with the prior written permission of S&P. Because of the possibility of human or mechanical error by S&P, its affiliates or its third party licensors, S&P, its affiliates and its third party licensors do not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P, its affiliates and its third party licensors be liable for any direct, indirect, special or consequential damages in connection with subscribers or others use of the data/information contained herein. Access to the data or information contained herein is subject to termination in the event any agreement with a thirdparty of information or software is terminated. Analytic services provided by Standard & Poor's Ratings Services (Ratings Services) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor's reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact Client Services, 55 Water Street, New York, NY 10041; (1) or by to: research_request@standardandpoors.com. Copyright Standard & Poors, a division of The McGraw-Hill Companies. All Rights Reserved
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